Daily chart of Gold [w/ edit]

NFTRH 598 did not chart gold as it usually does, instead simply writing a paragraph about the daily chart’s pattern and its target. Here is the daily chart complete with a pattern that is not what I’d call an Inverted H&S because it came within an uptrend, not a bottom [edit] hence a continuation rather than a reversal pattern, which is what an IHS is. I am a stickler for that kind of stuff.

But it is a bull pattern (hat tip to a subscriber who emailed about it before I even recognized it) with a readily measurable target of 1940. That would constitute a test of the 2011 all-time high.

It’s just a chart and just a pattern. It is what it is. Could fail fabulously. But it’s a purely up trending chart with a pattern breakout and an upside objective. So failure is not the preferred option from a technical perspective, despite today’s pullback, which was probably in the bag given Thursday’s endorphin release on the Fed’s panic policy actions.

gold

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